Thailand moves to seize US$420 million assets linked to scammers

[BANGKOK] Thailand plans to seize US$420 million in assets linked to alleged cyber scam operators as authorities intensify a crackdown on a global online fraud network.

The assets, including luxury condominiums, yachts and cars, were frozen by the Anti-Money Laundering Office in December after preliminary investigations found wrongdoing. The agency has now asked the public prosecutor to seek court approval to have them declared state assets, it said in a statement late on Wednesday (Feb 11).

Assets facing confiscation include those belonging to Chen Zhi, the alleged kingpin of an international syndicate arrested and deported by Cambodia to China, and South African businessman Ben Smith, also known as Benjamin Mauerberger, the agency said.

A review of requests to revoke the temporary freeze found insufficient evidence to show the assets were unrelated to criminal activity, AMLO said.

Prime Minister Anutin Charnvirakul, who is set to form a new coalition after his party’s emphatic victory in Sunday’s election, has vowed an all-out crackdown on financial crime. His government has “signed a blank check” to support efforts to dismantle scam operations, human-trafficking networks and drug rings, he said in November.

Thailand, long used as a transit hub for trafficking victims forced to work in scam centres in neighbouring Cambodia, Laos and Myanmar, has also tightened oversight of banking transactions, gold trading and cryptocurrency deals to curb money laundering. BLOOMBERG